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Dec 10, 2013
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. >>> the other big news of the morning, the volcker rule. regulators are about to sign off on the volcker rule after five years. kate kelly joins us now with this story which has been a long time in the making. >> good morning to you, andrew. it's been three years since the dodd frank rule was passed, 3 1/2 and a lot over 2 years as we saw a publicly available position on this volcker rule. based on the leaks we're hearing about the big this morning within one, is there's this sort of ban on portfolio hedging. in other words, you can't make the vague assertions about the positions taking on offsetting whatever you're exposed to as a bank however reasonable ta may seem. these hedges have to be tied to quote/unquote reasonable, identifiable sets of risks. in addition, they also have to justify the positions they're taking as being needed by clients that they reasonably expect clients to need these things, either to buy them or sell them, obviously, in the near future. ceos will be expected to attest to the fact that they have compliance progra
. >>> the other big news of the morning, the volcker rule. regulators are about to sign off on the volcker rule after five years. kate kelly joins us now with this story which has been a long time in the making. >> good morning to you, andrew. it's been three years since the dodd frank rule was passed, 3 1/2 and a lot over 2 years as we saw a publicly available position on this volcker rule. based on the leaks we're hearing about the big this morning within one, is there's this...
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Dec 12, 2013
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here's my volcker question for you. you guys say you got ahead of this. how many firms do you think haven't gotten ahead of this? >> you know, i -- >> i feel like most cfos if they sat here at goldman, morgan, citi, you'd say oh, we've been ahead of this for two years, too. no? >> i think the industry's been anticipating a lot of this. i think some of the concerns were, some of the proposals in the last couple of weeks about how extreme the rule could have been. i don't think any of us were prepared for that level of an extreme move. i think where we've ended up, i think the industry's in good shape. >> you want a steep yield curve or a stock market at 20,000 at ubs? >> you know, for us -- and for our client base since the businesses -- core business is wealth management, obviously higher invested asset bases is beneficial for us. >> yield curve, actually the thing that's more damaging to our p & l is a steeper yield curve. we'd be more comfortable seeing parallel rise in rates is one of the best things for future p & l. >> right where they are, then? >>
here's my volcker question for you. you guys say you got ahead of this. how many firms do you think haven't gotten ahead of this? >> you know, i -- >> i feel like most cfos if they sat here at goldman, morgan, citi, you'd say oh, we've been ahead of this for two years, too. no? >> i think the industry's been anticipating a lot of this. i think some of the concerns were, some of the proposals in the last couple of weeks about how extreme the rule could have been. i don't think...
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Dec 5, 2013
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lew's remarks come days before they finalize the controversial volcker rule. lew will also call on regulators to make their own rules tougher and match those in the u.s. among the unfinished business for 2014, lew says is reducing risk for money market, short-term debt and derivative markets. it's important to remember, lew's comments in the summer as democratic senators join with republicans to call for tougher regulations than the treasury was proposing or adopted in dodd/frank. lose appeal to give to the end of the year was an effort to hold off efforts by senator warren and mccain to bring back the act. it remains to be seen if that satisfies those senators. you can never know with certainty until you get to that point. >> so we haven't ended too big to fail? >> you can't possibly know. and we're waiting for the actual remarks to come out. but i think he's declaring victory maybe a little early, but i think the political side of this is the most important part of it. that warren is still out there, i mean, ben knows this. we didn't introduce ben yet, right
lew's remarks come days before they finalize the controversial volcker rule. lew will also call on regulators to make their own rules tougher and match those in the u.s. among the unfinished business for 2014, lew says is reducing risk for money market, short-term debt and derivative markets. it's important to remember, lew's comments in the summer as democratic senators join with republicans to call for tougher regulations than the treasury was proposing or adopted in dodd/frank. lose appeal...
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Dec 23, 2013
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goldman sachs real estate play is said to be skirting the volcker rule. the rule prohibits banks from owning more than 3% to hedge fund or private equity portfolio. the journal reports this. they say goldman sachs told the investors it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotel shopping centers and other properties. that's because regulators excluded real estate loans from the restrictions on investment funds. goldman sachs reportedly raised more than $1 billion for that new fund wants to bring that total to $2 billion. did you find -- are you upset with that? >> the story is goldman's complying with the volcker rule. is that what you're saying? >> sort of. i didn't understand the piece. >> well, the question is, by providing a fund -- it's a fund of loans effectively. >> so i'm not -- first of all, not close to the matters is the regulartorial issue, but the story made it sound as if they're doing something perfectly legal. >> it is. >> but the way it was read made it sound like they were skirting. >> i wa
goldman sachs real estate play is said to be skirting the volcker rule. the rule prohibits banks from owning more than 3% to hedge fund or private equity portfolio. the journal reports this. they say goldman sachs told the investors it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotel shopping centers and other properties. that's because regulators excluded real estate loans from the restrictions on investment funds. goldman sachs reportedly raised more...
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Dec 4, 2013
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we're talking about volcker tougher than people thought right? >> once again, i have no problems with recreating the glass steeple in modern day terms. micro managing of some issues -- hedging is important. it would be bad for them to impoo ed the process. october trade balance is a deficit of 40.6 billion. extremely close to expectations. last month ramped up a bigger red tape from originally released 41.8 to 43 billion. how does 46 fit in? not going to change the recent range. august 38 and change and been as high this year in the 43 area just like the revision last month. it still isn't negative news. foreign exchange is going to be a big gi. japanese will reintroduce a new r generation. watch the currency as we strengthen exports. it's going to be a big issue along with european banks next year. >> thank you rick. see you later buddy. >> see you later joe. >>> the the brightest minds leading to charge the disrupt, innovate, reimagine the way we learn. our next guest gave up tenor. he found google x. thank you for being here today. >> it's gre
we're talking about volcker tougher than people thought right? >> once again, i have no problems with recreating the glass steeple in modern day terms. micro managing of some issues -- hedging is important. it would be bad for them to impoo ed the process. october trade balance is a deficit of 40.6 billion. extremely close to expectations. last month ramped up a bigger red tape from originally released 41.8 to 43 billion. how does 46 fit in? not going to change the recent range. august 38...
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Dec 24, 2013
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so they have the eight or nine big banks that care about the volcker rule. then they have all these smaller banks, the community banks who are quite thrilled about this. >> they lived it. >> right. and they think it would actually ultimately help them. and so you have this group. it's supposed to be representing all of its constituents. >> that is good. >> i agree. is that j. crew? >> it is j. crew. >> you could be on some hip -- >> it's not if. he's going to be on talking dead. >> really? >> yes. >> congratulations. >> well, thank you. >> that's exciting. >> i have a three-hour show every day on tv, but thank you. >> sth a great network, obviously. but you can be anywhere that's not here, which is exciting. >> we've seen people in the last couple of weeks become pervasive in mass culture, too. i'm not sure i want to get there. >> you want to be the iac lady or the lululemon person? she was in the news -- >> yeah, for 30 seconds. >> the twitter world allows everyone to be jimmy the greek. >> for 20 seconds. nobody is going to remember her. >> no. >> but a sh
so they have the eight or nine big banks that care about the volcker rule. then they have all these smaller banks, the community banks who are quite thrilled about this. >> they lived it. >> right. and they think it would actually ultimately help them. and so you have this group. it's supposed to be representing all of its constituents. >> that is good. >> i agree. is that j. crew? >> it is j. crew. >> you could be on some hip -- >> it's not if. he's...
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Dec 19, 2013
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. >> steve, i've got a different question for you, in a post volcker world. we talk about the big banks all the time. but i actually think of you as possibly way more powerful than any ceo of a big bank these days given all the businesses you're in and the fact that in many respects, you are becoming the bank. you're getting into auto loans, all sorts of other businesses. what does blackstone and all of your brethren ultimately look like? and how does that -- do you think you'll ultimately compete, if you will, with jpmorgan? >> well, nobody can really compete with jpmorgan. they're a huge-sized institution and we are not a bank. we do not take deposits. we do not look for guarantees from federal governments. but what we do do and we have done for almost 30 years is look at interesting opportunities where the credit risk to the extent that we're talking about credit as opposed to equities. >> you're going to be providing more and more capital, lending more and more money through different avenues and vehicles. >> we'll be raising money from institutional mark
. >> steve, i've got a different question for you, in a post volcker world. we talk about the big banks all the time. but i actually think of you as possibly way more powerful than any ceo of a big bank these days given all the businesses you're in and the fact that in many respects, you are becoming the bank. you're getting into auto loans, all sorts of other businesses. what does blackstone and all of your brethren ultimately look like? and how does that -- do you think you'll...
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Dec 9, 2013
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. >>> regulators are set to vote on the volcker rule tomorrow. five separate regulatory agencies are expected to give the green light to the measure that bans banks from making bets for their own profits. but court challenges are expected as wall street starts to avoid one of the harshest elements of the post financial crisis crackdown. bob diamond is returning to banking. he's launching a vehicle hoping to raise millions of dollars to invest in african banking. diamond left barclays last year after the bank was fined for manipulating libor. >>> a number of stories in the paper about health care. insurance agents are feeling left out of obama care. and the article uses the example of one agent who helped work with a hot line to pick a mid-level health plan. but refused to credit the man as an agent on the application, that means he wouldn't get his commission or be listed as the follow-up contact. then there's the story all over the place. cedar sinai aren't covered. the best -- they think they're too expensive -- and the journal, the deductibles
. >>> regulators are set to vote on the volcker rule tomorrow. five separate regulatory agencies are expected to give the green light to the measure that bans banks from making bets for their own profits. but court challenges are expected as wall street starts to avoid one of the harshest elements of the post financial crisis crackdown. bob diamond is returning to banking. he's launching a vehicle hoping to raise millions of dollars to invest in african banking. diamond left barclays...
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Dec 17, 2013
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. >> it's been a week now since regulators gave the green light to the volcker rule. a piece in the "wall street journal" says banks are scrambling to reshuffle their portfolios. for example, firms are trying to line up a new way to finance muni bond investments. also, more than a dozen small and mid-sized banks are expected to need to sell collateralized debt obligations under the volcker rule under that provision which limits, as you know, what are seen to be risky bank investments. >> now, let's get to the cnbc fed survey. steve liesman joins us with the finding. we've been waiting to hear. >> yes, becky, and the answer is, not december, notary, but february. that's the average month. and we'll have a little change compared to our october survey from the october meeting. the start of the taper had been in april and it's moved back. you can see here to february. back two months for the average. and we'll see in a second that, in fact, the -- our 43 respondents are a little more hawkish than that. and i'll show you in a second. watch this, stopping qe, that hasn't ch
. >> it's been a week now since regulators gave the green light to the volcker rule. a piece in the "wall street journal" says banks are scrambling to reshuffle their portfolios. for example, firms are trying to line up a new way to finance muni bond investments. also, more than a dozen small and mid-sized banks are expected to need to sell collateralized debt obligations under the volcker rule under that provision which limits, as you know, what are seen to be risky bank...
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Dec 11, 2013
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for us it should be volcker, i guess, as man of the year. >> all right. or bernanke. thanks, jim. and for real power, person of the year, janet yellen maybe. >> she could get it next year. i wouldn't be surprised if she's in the top five list next year. >> coming up, the stock of the day. plus what you need to be watching when the market opens on wall street. dennis will give us his trade of the day. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we hav
for us it should be volcker, i guess, as man of the year. >> all right. or bernanke. thanks, jim. and for real power, person of the year, janet yellen maybe. >> she could get it next year. i wouldn't be surprised if she's in the top five list next year. >> coming up, the stock of the day. plus what you need to be watching when the market opens on wall street. dennis will give us his trade of the day. every day we're working to be an even better company - and to keep our...